Subject: File No. S7-18-09
From: Ted Carroll
Affiliation: Partner, Small Buyout Firm CPA

August 4, 2009

Please stop all this nonsense. Placement agents provide a valuable service to small and midsized investment firms and 99.99% are honest diligent people. Its offensive to see the many large political donors involved in the recent pay to play schemes get to pay fines and adopt hollow policies to avoid real prosecution. Catch and punish the guilty, leave the innocent alone.